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Jay Said:

How much is mortgage insurance per month money wise?

We Answered:

unluckily, there is no general number. PMI is based on the amount of the mortgage covered and the larger the mortgage, the higher the percentage. It is also based on your credit score - the higher the score, the lower the rate. It can range from 1/4% for a high down payment, high FICO score to 1.3% for a low down payment, low FICO score.

Lydia Said:

about how much is mortgage insurance in CA? And...?

We Answered:

Private Mortgage Insurance is based on the borrowed amount, and yes, if you have a mortgage with less than 20% equity, you must carry it.

There is a way around it, by borrowing 80% from one lender, then trying to get a second mortgage from a "sub prime" lender for the balance that you need, plus your down payment, but it's a bad idea for several reasons: 1. if you don't put the 20% down, your primary lender is likely to raise your rate, and might back out 2. it indicates you're less likely to be able to afford the house 3. that second mortgage is usually at a MUCH MUCH higher interest rate.

It's usually more cost effective to pay the PMI than the much higher interest rate on the second mortgage.

The actual rate is based on the total purchase price of the house, the percentage you're putting down, the type of mortgage (fixed or adjustable) , and the mortgage term (how many years). The longer the term, the higher the rate. The lower the down payment, the higher the rate. And of course, an adjustable mortgage is going to be a higher rate.

Elizabeth Said:

Anyone knows how much mortgage insurance usually runs a month for 235k in CA?

We Answered:

depends on the credit score...and the Loan to value.

if it's a score above 620....and 95.01 - 100% LTV then the PMI factor is .96%
.79% for 90.01 - 95%

235k x 0.96 divide it by 12 months = 188 per month for 100% LTV

LTV is the loan to value- value being the purchase price.
If you put 5% down...then the LTV would be 95%

if you have less than 620 credit score....then the PMI will probably be double.

Arlene Said:

how much is mortgage insurance on a 100,000 home loan?

We Answered:

Depends on risk factors. Most importantly your LTV (loan to value) and credit rating.